Sterling Bank hit with regulatory action - Austin Business Journal:

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The written agreement with the and the was signed June 5 and announced Wednesday on the regulatoruyWeb site. With $420.9 million in assets as of Marchb 31, Sterling Bank is the fifth-largest bank based in Palm Beach County. Whilr it remained well capitalized at the end of thefirsy quarter, after raising $800,000 from its its noncurrent loan ratio grew to 6.4 percent. Sterlingh Bank lost nearly $2 million in the firsyt quarter. That followed a $9.9 millio loss in 2008. Sterling Bank’s board and management must improved control over operations such as credirrisk management, credit administration, investing and earnings, according to the regulatoryy agreement.
The bank also was orderedx to review its management structure and staffd and determine whether it shouledmake changes. In a provision that could have a big effecf onthe bank’s troubled borrowers, Sterlingf Bank was ordered not to extend or renew credir to a borrower who is past due or otherwise not likelyh to repay the loan unless the bank gets board approval. Most of Sterling Bank’s loans are in constructioj and commercialreal estate. Sterling Bank must submift a plan to maintain its capital ratios abovrthe well-capitalized requirements and properly reserve for futurd losses on noncurrent loans.
In addition, it can’t pay dividends to shareholders or make executive management changes withoutg first clearing it with Sterling Bank President and CEO David Albright did not immediately return a callseeking comment. However, in a lette r to customers on his bank’s Web site, Albright said it was well capitalizeds on May 31 and is committed to remainingwell “Our business plan recognizes the potential need for more capital if things beyond management’s control lead to the need for additionapl reserves against potential loans,” Albright wrote to shareholders.

Regions says it's close to reaching fed's $2.5B capital requirement - Jacksonville Business Journal:

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billion once some of its latest transactions are The Birmingham, Ala.-based banking giant raked in $1.8 billiom from its common stock offering and anothedr $278 million from selling its mandatory convertibler preferred stock, which is the first time it offeres such shares. It also plans to generatwe $172 million from swappinfg its common shares to trustpreferred securities, whichh are expected to close by next week. The compan ponied up another $177 million from sellingg its stake inVisa Inc. and other according to a written statement publishedlate Thursday. And Regionse will also boost its capital levelxwith $200 million worthy of deferred tax assets. Regions RF) was among 10 of the top U.
S. bank ordered by the Federal Reserve to raise more capital after results of the widelypublicized “stress tests” pegged the bank to suffer from $9.2 billio in losses over the next two given the worst-case scenario. Regions and several other financiallinstitutions – even those that weren’t required to raises additional capital – initiater stock offerings after the stress test results were made Many have been successful in their

Federated sells Lord & Taylor for less than expected - Washington Business Journal:

http://www.orpheopolis.fr/nous-connaitre/notre-organisation.html
Federated signed an agreement June 22 to sell theNew York-basedc division to NRDC of N.Y., for $1.195 billioj in cash, but said Tuesday that the finalk sale price was adjusted to $1.083 or about $840 million after tax. The lowered sale price, accordintg to a release, is due primarily to the fact that Federate agreed to sublease certain properties to NRDC due to restrictions in the leasesa underlyingthose properties. The rental income on these propertiess is expected to beabout $8.6 million per year. Federatee acquired Lord & Taylor when it closed its purchaseof St. Louis-baseds May Department Store. Aug. 30, 2005.
Upscalee fashion retailer Lord & Taylor, foundee in 1826, has stores in Montgomery Countgy andNorthern Virginia. The Lord & Taylor divisiobn includes 48 storesin D.C., Virginia, New Jersey, New York, Illinois, Massachusetts, Michigan and Pennsylvania, as well as a distribution center in Pa. Cincinnati-based Federated Department Storexs (NYSE: FD) operates nearly 950 departmenr stores and more than 700 bridap and formalwear stores in 49 the Distric, Guam and Puert Rico.

GM owes $9M to AK Steel - Houston Business Journal:

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About $9.1 million is how much the carmaked owes theWest Chester-based steel manufacturefr in trade debt, according to a list of GM’s 50 largesyt unsecured creditors that was included with its initiapl bankruptcy court filings Monday. was listeds as the company’s 33rd largesft unsecured creditor. The only other Ohio company on the list was GoodyeafrTire & Rubber Co. in which is on the hook for almost $7 million. No Kentucky or Indiana companies were onthe list. Asidse from bond debt and employee obligations, which account for GM’sd five largest unsecured obligations, the top tradw debt disclosed was $122 million owed to Starcoj MediavestGroup Inc. of Chicago.
GM has been AK Steel’zs biggest customer for years, although the percentage of totalp sales it derives from the troubled automotive company has been declining inrecengt years. AK Steel did not disclose how much it sold to GM in 2008 in its latest annual report, but earlier annual reports disclosed that shipments to GM accounted for 20 percent of net salea in 2003, 15 percent in 2004, 13 percent in and less than 10 percent in 2006 and 2007. AK Steell said about 28 percent of its tradee receivables outstanding at the end of 2008 were due from businesses associatedd withthe U.S. automotive industry, including Generapl Motors, Chrysler and Ford.
Its 2008 annual repor t also included the followingcautionary disclosure: “If any of theser three major domestic automotive companies were to make a bankruptct filing, it could lead to similadr filings by suppliers to the automotive industry, many of whom are customer of the company. The company thus could be adversely impactedf not only directly by the bankruptcy of a majodr domesticautomotive manufacturer, but also indirectlyh by the resultant bankruptcies of other customeras who supply the automotive industry.
The nature of that impacyt could be not only a reductionb infuture sales, but also a loss associateed with the potential inability to collecgt all outstanding accounts receivables. That could negatively impact the company’s financial results and cash flows. The company is monitorinbg this situation closely and has takenh steps to try to mitigater its exposure to suchadverse impacts, but becausr of current market conditions and the volume of business it cannot eliminate these risks.
”

Howrey absorbs IP litigation firm Day Casebeer - Business First of Columbus:

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The Washington, D.C.-based Howrey has more than 700 300 of thembeing IP-oriented, in 17 locations It will take on nine Day Casebeere partners, including name partners James R. Batchelde and Lloyd R. Day, as well as 16 The Cupertino-based Day Casebeer focused almost exclusively on tryingf casesin biotech, life medical devices and informatiojn technology. Its clients included Symantec Corp., SAP AG and Amgen Inc. Roberty F.
Ruyak, chairman and CEO of Howrey, said in a statemenf accompanyingthe announcement, “When we contemplatec combining our two we realized how well we complemented each other and working together in a singls firm, we would create what might very well be the most experienced and comprehensive patent litigatiobn practice available anywhere — for the benefit of all of our They are a strong, talented, and impressivs team and we are very excitedc to be joining forces with them.
” which has 30 lawyers in East Palo Alto and 57 in San has been aggressive in expanding in the Bay The firm last year luredx most of the highly prized constructionj practice from Thelen LLP, a San Francisco law firm that disbandedr amid financial troubles and an exodus of Other partners from Day Casebeer who will join Howreyg are Linda A. Sasaki-Baxley, Renee DuBord Brown, Roberg M. Galvin, Paul S. Grewal, Jonatham D. Loeb, Jackie N. Nakamura and Williajm P. Nelson.

Northstar Neuroscience, Inc. Company Profile | NSTR Company Information

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Northstar Neuroscience is pioneering the development of cortical stimulation We are working with healthcare partners to develol clinical applications from the science of Our solutions are tuned to the individual needss of patients offering greatef hope for the renewal and recoveryt fromneurological injury, disorder or disease enabling them to regaijn their quality of life. Northstar's Renova Cortical Stimulation System* is an investigational devicw that is in clinical trials forseverapl indications, including stroke motof recovery, aphasia, tinnitus and Northstar Neuroscience has developed the proprietary Renova Cortical Stimulatiomn System that delivers targeted electrical stimulation to the outerd surface of the brain - the cerebralo cortex.
The cortex controls or influences many importantrneurological functions. Because stimulation is deliveres to the protective outer layet ofthe brain, it is more easily accessed than deeper brain structurew resulting in a less invasive surgery. Cortica l stimulation, the process of stimulating sections of thecerebra cortex, is being investigated for several clinical applicationse including stroke, tinnitus and depression.

We can learn something from Cuba's food-producing culture - CanadaEast.com

http://nobleworld.biz/biom.html

We can learn something from Cuba's food-producing culture CanadaEast.com The term originates from the movie Forrest Gump, in which Tom Hanks plays a simple, wholesome character with a knack for finding himself in the middle of major news events. Early in my career, I was fortunate to have had a major Forrest Gump Moment ... and more »

SAHA to spend $14.5 million on local housing project upgrades - Orlando Business Journal:

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million in federal stimulus funds to repair and upgrade a number of publichousing properties. Out of 349 housingv authorities in Texas that received money from the American Recoveryu andReinvestment Act, San Antonio Housing or SAHA, received the largest amount. SAHA is required to use the moneu for capital improvements and all the funds must be spent withihthree years. “These funds will allow us to make much-needed repairsw to our public housing properties and improvwe the safety and quality of life for our SAHA President and CEO Lourdesa CastroRamirez says.
Among the properties slates for major upgrades is the LewisChathamm Apartments, a 119-unit apartment complex for senior s on the city’s South Lewis Chatham also will undergp an extensive modernization. In stimulus funds will be used to upgrade the elevators and fire safety at nearly 20 elderly Other projects will involvereplaciny fencing, windows, roofing, cabinets, and heating, ventilation and air conditioning SAHA Board Chairman Ramiro Cavazos says the agenct will encourage the participation of small and minority-ownec businesses.
“We will also give additionao weight to contractors that commit to actively recruiting employeesz from the neighborhoods in and arounrd where this workwill occur,” he SAHA will issue requests for proposala to perform engineering and architectural servicess related to stimulus-approved projects. Web site: www.saha.org

FTI Consulting, Inc. Company Profile | FCN Company Information

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We are a leading global business advisory firm dedicated to helpingg organizations protect and enhance theirenterprise value. Our experienced teamd of professionals, many of whom are widely recognized as expertds intheir fields, providre high caliber consulting and othere services to a broae range of clients. We believe clients retainm us because of our recognized expertise and capabilitiese in highlyspecialized areas, as well as our reputation for satisfyinvg clients needs. We operate through five busineses segments: Technology, Corporate Finance/Restructuring, Economiv Consulting, Strategic Communications and Forensif andLitigation Consulting.
Our Technology segment providesx products, services and consulting to law firms, companies, courtas and government entities worldwide. We assist with internal regulatory investigations, early case assessment, litigation and joinrt defense, antitrust and competition including Second Requests under the Hart Scott Rodino Antitrust Improvements Actof 1976, and knowledg e management for critical corporatd information. We provide a comprehensive suite of applicationh tools and related services to help clientz locate and produce electronically storedinformationj (ESI), including e-mail, computer files, voicemail, instant and financial and transactional data.
Our services also help to convert, categorize and producd relevant hard copy documents into electronicallysearchable format. ...

Survey: Employers focus on employee retention - Tampa Bay Business Journal:

http://www.triogold.com/NewsDetail.php?id=11
The survey, which queried 2,500 hiringf managers and human resource professionalzs and morethan 4,400 workers in private sector found 64 percent of employers expectintg no change in the number of full-time permanenr employees in the second quarter. “Employers want to hold on to theit talent and are taking measurew to contain costs and bring in newrevenue streams, so they can maintainh their staff levels,” CareerBuilder CEO Matt Ferguso n said in a media release. In termsd of hiring, the South continues to perform betterf than other regions with 16 percenyt of hiring managers planning to increasetheird full-time staff, compared with a 14 percentt average among other regions.
While 13 percent increase their full-time employee count in the first 14 percent said they expected toadd full-timee employees in the second And, while 26 percenrt reporting reducing their head count in the firstf quarter, just 14 percent anticipated they will cut “We’ll be looking for the markety to stabilize over the next thres to six months, when you’ll hopefullg see job losses below 100,000 and eventually closer to zero,” Fergusonm said. When it comes to perkss and benefits, 42 percent of employers reportf making cuts in the first quartef and 31 percent expect there will be cuts in theseconc quarter.
The top three areas that will be impactedcare bonuses, 401(k) matching and health care according to the survey. And if you’rse slacking off, watch out. Twenty-thres percent of employers say they are takinf this time toreplace lower-performing employeezs with top talent that may not have been availablse before. • Seventy-one percent of workers who were laid off and have not foun d work said they are looking for jobs outside of their chosen professionn eitherbecause they’re ready for a change or there are no available jobs in their field.
Thirty-nine percent of workere who were laid off and have not found work said they would consider relocatinfg to another city or state fora job. Twenty-one percent of all workerz surveyed are going back to school to make themselve s more marketableto employers. • Forty-two percent of employers expect to increase salaries for permanent employees in thesecond quarter.

Yosemite National Park: Snow may delay opening of roads, Half Dome access - Los Angeles Times

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Los Angeles Times

Yosemite National Park: Snow may delay opening of roads, Half Dome access Los Angeles Times  »

Quadramodal buzz - Jacksonville Business Journal:

http://millerplacecivic.org/meet.asp
It’s the buzz word that the is using to help describe the vast distributionm capabilitiesin Memphis. And though it may sound condensingthe rail, port, road and air capabilities of the area into 11 letterx is a strategy the chamber hopes will be a conversation starter in corporate board rooms from Chicago to “Every mode of transportation is important,” says Dexte Muller, Chamber vice presidenty of community development.
“If you want to be you have to work on all of the modex becauseyou don’t know which is goin to be important for you in the Luckily for Muller and city plenty of work and infrastructure investment has already been put in placw to make Memphis one of the premier distribution hubs in the U.S. Althoug h being the central hubfor Memphis-based shippinh giant certainly helps, Memphis’ seat at the top has also depender on developing transportation infrastructure outsid e of the airport. Memphis is home to the third-best railroad network in the U.S.
About 220 freighr trains cross through the city daily thanks to the fact Memphisx has a rail presence from all five ofthe class-oner railroads: Burlington Northern Santa Fe, Norfolk Southern, Canadianm National, and CSX. Though it may not be as well the is the fourth largest inland port in the handling 19.1 million tons of cargk in 2006. The port is the largest still-watere harbor on the Mississippi River and is home to 44 private terminal and fivepublic terminals. In 2006, the port provided an annuap economic impactof $5.5 according to research conducted by the Chamber. development of these assets has been key due to the recent increase inintermodal shipments.
As manufacturing shiftds to Asia, more products are beingb imported and distributed via riverand “Intermodal is the name of the game today becauss products, if they are coming from overseas, they are comingt to a port and are either going to take rail or the port to Memphies and then take truck to the ultimatde marketplace,” Muller says. Add that to the fact that Memphishandlefd 3.7 billion of tons of freight at and the area has the third-busiesr trucking corridor in the U.S., and economicf developers are hopeful that Memphisz will continue to bring in new companies to reap the cities’ logistica l benefits.
“It’s all about today and tomorrow,” says Arnold chairman of the . “Quadramodal offers the Memphisd region an economic advantage that will result in significantt economic development in theyears ahead.” But even with strong infrastructures already in place, area leaders are working on furthefr improvements to put the Memphis over the top. One of the chied concerns is developingthe Interstate-22 and Interstate-69 interstatew projects. President-elect Barack Obama has been vocal aboutr providing a resurgence for fundinbg infrastructure likethe I-69 roadway, a projecty aimed at connecting Canada to Mexico, whicu will come through Memphis.
I-22, an interstate that will eventuall connect Memphisto Birmingham, Ala., and Atlanta, has alread received full federal funding and is in the pipeline for Besides the Birmingham connection, I-22 has also been pusherd by Memphis leaders in ordetr to improve congestion along Lamar. As home to many of the area’s trucking terminals, Lamar is constantly congested withtruck “You see a limited access highway in says Julie Ellis, attorney for and a memberr of the Memphis aerotropolis steering committee. “But then you hit the Tennessede line andyou say, ‘Oh my goodness; wher e did it go?
’ ” Ellis and other city leaders involved with the Memphis aerotropolia movement have also slated the area for improvemenf because it represents the southern doorwayt into the airport area.

Vail Resorts profits off 29%, but they're ahead of Wall Street forecast - Denver Business Journal:

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For the three months ending April 30, which Broomfield-based Vail Resorts (NYSE: MTN) regardas as its third quarter, the mountain-resorf and lodgings company posted earningsof $61.6 or $1.68 a share, down from $87.3 or $2.24 a share, in the same quarter a year Nevertheless, the company's profits beat Wall Streey analysts' predictions. Analysts on averagw had expected earningsof $1.56 per Thomson Reuters reported. Vail Resorts reported Q3 revenu eof $333.5 million, down 21 percent from the year-agpo quarter. Analysts had expected $339.7 millio on average. It said operating expenses were down20 percent, to $198.21 million.
The company has saved considerably throughn pay cuts andother means. Vail Resortz operates the Breckenridge, Vail, Keystone and Beavef Creek ski areas in Colorado and Heavenly at Lake Tahoe onthe California-Nevadq line. It also operates , a chain of luxuryg hotels. The company said its earnings were helped by a 26 percenf increasein 2008-09 season-pass revenue through increasedx sales and higher pass prices. But lift-tickeft revenue was down 11 percent and skier visits were off9 percent. retail and ski school revenuealso declined. Real estatw revenue was down 82 the company said it sold only one cond unit in the quarterd versus 17 ayear ago.
The quarterly results "were impacterd by the continued severd downturn inthe economy, driving lower destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlooki for the full fiscal year is for earninges of $41 million to $51 "We are extremely pleased with the significanft increase in our advancs spring period pass sales for our upcoming 2009/2010 ski Katz said. .